Corporate governance - regulation and reform: the actuarial governance of UK life insurers

Dewing, Ian P. and Russell, Peter O. (2006) Corporate governance - regulation and reform: the actuarial governance of UK life insurers. Corporate Governance: An International Review, 14 (3). pp. 172-180. ISSN 0964-8410

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The paper investigates the Financial Services Authority's (FSA) reforms of the unique corporate governance arrangements of UK life insurers. In particular, the paper explores the need for special arrangements for the governance of with-profits funds, the role of actuaries in corporate governance and the proposals for reform which resulted from the FSA's With Profits Review and Lord Penrose's Report into the problems experienced at the Equitable Life Assurance Company. The paper concludes that post-Cadbury trends in corporate governance, in combination with the FSA's reforms, have placed boards at the centre stage of actuarial governance with directors no longer able to abrogate responsibility for actuarial decisions. There is also much to be learnt from studying changes to the actuarial and corporate governance of life insurers as it reveals the complex nature of corporate reality, and demonstrates the inadequacy of theoretical approaches that dichotomise corporate governance between Anglo-Saxon shareholder and continental European stakeholder models.

Item Type: Article
Faculty \ School: Faculty of Social Sciences
Faculty of Social Sciences > Norwich Business School
UEA Research Groups: Faculty of Social Sciences > Research Groups > Accounting & Quantitative Methods
Depositing User: Vishal Gautam
Date Deposited: 01 May 2006
Last Modified: 14 Feb 2023 10:30
DOI: 10.1111/j.1467-8683.2006.00497.x

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